QQQ is working on a megaphone after confirming the red price channel. The price channel has been a move up the bottom of a rising wedge, so the megaphone is a strong favorite to eventually break out downwards.
QQQ is working on tops for two long-term rising megaphones (blue and silver on chart) and needs to retrace to the formation bottoms. A fast top here (green scenario) could set up clean head and shoulders tops for both rising megaphones.
The green scenario could break QQQ out of both into a crash to the blue rising megaphone bottom (orange scenario).
The alternate green scenario is that QQQ reverses near the pink megaphone bottom to form one last larger rising megaphone after breakout from the blue one for a fast move to another new all-time high.
The purple scenario represents a slower topping process in which QQQ morphs the move off the February 2016 low into a rising megaphone top (navy blue). The slower top would virtually guarantee a more complicated and drawn-out correction to break QQQ out of the blue rising megaphone. This type of breakout would virtually guarantee a move to another new all-time high before the retrace to 42.